The Wealth Legacy Blueprint
How To Build Your Financial Legacy (EP 2)
June 19, 2024
How can individualized retirement planning transform your financial future?
Join hosts Richard and Andrew Hanson in this episode of “Wealth Legacy Blueprint” as they explore essential retirement planning strategies. Emphasizing the importance of tailored retirement plans, they provide insights into key financial tools such as 401(k)s, IRAs, and Roth IRAs.
Key Highlights:
- Individualized Planning: Tailor your retirement plan to your unique circumstances, considering your age, risk tolerance, and family dynamics. Personalized planning ensures that your retirement strategy aligns with your specific goals
- 401(k) Plans: Discover the benefits of 401(k) plans, especially employer match contributions. The Hansons explain how to optimize your 401(k) through regular consultations with HR managers or financial advisors, ensuring you maximize your contributions and investment strategies
- Tax Benefits: Learn about the tax advantages of different retirement accounts. Traditional 401(k) contributions are tax-deductible, while Roth 401(k)s and IRAs offer tax-free withdrawals in retirement, making them essential for long-term tax planning
- Professional Guidance: Understand the critical role financial advisors play in retirement planning. The Hansons highlight how advisors can help you choose the right investment strategies and balance between traditional and Roth accounts based on your current and future tax expectations
- Required Minimum Distributions (RMDs): Upon reaching age 72, you’ll need to start withdrawing from traditional IRAs, and these withdrawals are taxable. The Hansons provide tips on managing RMDs to avoid higher tax brackets, emphasizing the importance of strategic planning and professional advice
- And much more!
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